Okay, here is the situation. In November of 2011 I was out of work again. I had some trouble getting unemployment benefits so we were nearly out of money. My wife was in the last year of her undergraduate degree and we needed money to just get us by until I got my benefits. I owned a 2004 infiniti that was paid off, so I took a title loan. Biggest mistake ever.
Now 9 months later I get a new job and my wife gets accepted into a PhD degree program. So last month we use money from her financial aid loan to pay off the incredibly high interest title loan and we get the title back from the lender on an reasonably good running car. (knock on wood).
How does this play out to the bk court when considering the ch7. We are still indebted to paying off the loan, but at a more generous rate. But since the car is now clear of a lender on the title what happens?
BTW, I am driving my brothers truck to work because our other car is a 1996 honda prelude that lost its timing belt 1 week before I got my new job. I work for a temp agency (officially) and I work 90 miles from home so I often stay away during the week and come home on the weekends rather than drive the two hours one way with traffic each day. The cost is reimbursed by the company I am placed with (a reimbursed expense I don't believe will hurt me). I expect to make a descent income if I am hired on permanent in December so I would like to file before that happens and i am still at the staffing agency.
I need another vehicle as you can see but I don't know how this will all work out. I will be filing ch7 and letting our rental home go as it wasn't helping in any way. I will also be filing by myself because my wife will lose her graduate loans in the future if she files BK.
Any thoughts would be appreciated.
Now 9 months later I get a new job and my wife gets accepted into a PhD degree program. So last month we use money from her financial aid loan to pay off the incredibly high interest title loan and we get the title back from the lender on an reasonably good running car. (knock on wood).
How does this play out to the bk court when considering the ch7. We are still indebted to paying off the loan, but at a more generous rate. But since the car is now clear of a lender on the title what happens?
BTW, I am driving my brothers truck to work because our other car is a 1996 honda prelude that lost its timing belt 1 week before I got my new job. I work for a temp agency (officially) and I work 90 miles from home so I often stay away during the week and come home on the weekends rather than drive the two hours one way with traffic each day. The cost is reimbursed by the company I am placed with (a reimbursed expense I don't believe will hurt me). I expect to make a descent income if I am hired on permanent in December so I would like to file before that happens and i am still at the staffing agency.
I need another vehicle as you can see but I don't know how this will all work out. I will be filing ch7 and letting our rental home go as it wasn't helping in any way. I will also be filing by myself because my wife will lose her graduate loans in the future if she files BK.
Any thoughts would be appreciated.
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